forward commitment opportunity aldi, kings …...• long leasehold for a term of 125 years at a...
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FORWARD COMMITMENT OPPORTUNITY ALDI, KINGS ROAD/BEACH STREET, HERNE BAY, KENT CT6 5BD
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Investment Summary
• Prominent location within Herne Bay and forming part of the Central Development Area
• Well secured to Aldi Stores Ltd for a term of 25 years (TB Year 15) from practical completion
• Long Leasehold for a term of 125 years at a Peppercorn
Initial rent: £250,000 per annum (£15.15 psf) Price: £4,100,000 (Subject to Contract & Exclusive of VAT)
Net Initial Yield: 5.76% (After allowing for usual purchaser’s costs at 5.8%)
Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:284718
LOCATIONHerne Bay is a traditional seaside town located on the north coast of Kent approximately 5 miles east of Whistable, 8 miles north of Canterbury and 13 miles east of Faversham. The town benefits from good road communications being situated on the A299 which connects Herne Bay to the M2/A2 to the west and Ramsgate to the east.
Herne Bay has a resident population within 3 miles of the town centre of 42,706 people although this population is greatly increased during the peak summer months by tourist trade. The three highest Mosaic groups within this catchment area are Small Town Diversity (32.96%), Active Retirement (11.60%) and Professional Rewards (9.92%).
SITUATIONThe subject site is prominently situated at the junction of King’s Road and Beach Street. The site has excellent communications with King’s Road connecting to Whitstable to the west and the residential suburbs of Herne Bay to the east and Beach Street providing a direct link to Herne Bay’s prime retail pitch of High Street. Hanover Street, which bounds the site to the north,
connects to the town centre Bus Depot to the west of the property. Morrison’s occupy a 30,000 sq ft unit immediately to the north of the property and the Herons Centre, a combined leisure centre and Vue Cinema, is situated to the east of the property.
HERNE BAY CENTRAL DEVELOPMENT AREAThe site forms part of the larger Herne Bay Central Development Area (CDA), a regeneration partnership between Coplan Estates, Denne Construction and Canterbury County Council. The CDA Masterplan aims to provide a new retail hub with 230 town centre car park spaces, two public squares and a significant investment into the town’s economy.
The proposed foodstore is a major anchor to the scheme and is to be linked via a series of new squares and enhanced streets to a new 35,000 sq ft terrace of A1/A3 retail units with 50 residential units above and situated to the north east of the Herons Centre car park. A number of road improvements are proposed but most significantly, Beach Street will be part pedestrianised in order to improve pedestrian flows between the town centre and the subject property.
DESCRIPTIONThe proposed development will provide a single storey supermarket and will benefit from an 80 space car park accessed directly off King’s Road. Further details of the design specification are available on request.
ACCOMMODATIONThe property has the following approximate floor area and sits on a site of 0.4635 Hectares (1.145 Acres):-
TENANCYAldi Stores Ltd have agreed a pre let for a term of 25 years (TB Year 15), from practical completion at an initial rent of £250,000 per annum (£15.15 psf ). The lease is drawn on effective full repairing and insuring terms with 5 yearly upward only rent reviews based on 2% per annum compounded.
COVENANT INFORMATIONAldi Stores Ltd was incorporated in 1988 and now operates over 500 stores in the UK and Ireland. Aldi continue their expansion drive and are currently seeking new sites in excess of 0.8 acres, with catchment populations in excess of 10,000 people.
TENUREThe property is held long leasehold for a term of 125 years at a Peppercorn rent from Canterbury City Council.
VATThe property is elected for VAT.
PROPOSALWe are instructed to seek offers of £4,100,000 subject to contract and exclusive of VAT for our client’s long leasehold interest.
A purchase at this level will reflect a net initial yield of 5.76% after allowing for usual purchaser’s costs of 5.8%.
Our client’s may be willing to consider a forward funding proposal which will reflect a yield of 5.99% after allowing for usual purchaser’s costs at 1.8%.
GIA 16,953 ft² 1,575 m²
For further information or an appointment to view then please do not hesitate to contact either:-Simon Bland T: 0151 242 3041 E: [email protected] or Andrew Scott T: 0151 242 3043 E: [email protected]
Mason Owen, Gladstone House, 11 Union Court, Liverpool L2 4UQ Or our joint agent:- Simon Eddy, GVA Grimley, 10 Stratton Street, Mayfair, London W1J 8JR T: 0207 911 2620 E: [email protected]
31/12/2012 31/12/2011 31/12/2010
Turnover £3,885,277,530 £2,762,561,383 £2,135,046,000
Pre Tax Profit (Loss) £157,900,416 £70,518,793 (£56,869,000)
Tangible Net Worth £1,607,814,660 £1,510,238 658 £1,335,251,000
South elevation
East elevation
ALDI, KINGS ROAD/BEACH STREET, HERNE BAY, KENT CT5BE
NHANOVER STREET
EL 3.92EL 5.17
EL 4.75
EL 4.21
EL 4.16
EL 4.40
EL 4.88
EL 5.10
EL 4.31
EL 4.75
KING'S ROAD
TEER
TS H
CAE
B
QUEEN STREET
BEACHHOUSE
1:60
1:40
PL 4.75
80 CAR PARKING SPACES(4DP & 76 STANDARD)
AERA E
CIVRES
DESOL
CNE
PL 5.10
PL 4.99
EL 4.29
EL 4.53
EL 4.73
PL 4.60
EL 4.47
EL 4.32PL 4.38
PL 4.23
PL 4.39
EL 4.19PL 4.48
EL 4.32PL 4.60
EL 4.49
EL 4.58PL 3.75
PL 4.36
EL 4.70
EL 4.54
EL 4.41
EL 5.05PL 4.44
EL 4.97PL 4.79
PL 4.72
WAREHOUSE(including LoadingBay & Freezers)
335 sq m
50.00m min
22.8
0m m
in7.
00m
ENTRANCELOBBY EXIT LOBBY
47.86m
PL 4.88
EL 4.60PL 4.61
EL 4.29EL 4.06
EL 3.96EL 3.73
PL 4.22EL 4.61PL 3.84
EL 4.86PL 4.29
PL 4.88
PL 4.36
EL 3.73 PL 4.88
PL 4.88
Scale Bar 1:200
1m 10m5m 15m
EXISTING TREE TO BE REMOVEDEXISTING TREES TO BE REMOVED
EXISTING TREE TO BE REMOVED
CAD file reference This drawing is copyright and may not be reproduced in whole or part without written authority. Do not scale off this drawing.12746\17.0 Drawings and Issue Sheets\100 - Planning
EXISTING WALL DISMANTLED &REBUILT WITH DWARF WALL TOMATCH EXISTING
TOTEM SIGN SUBJECT TO A SEPARATESIGNAGE APPLICATION
EXISTING FENCERETAINED
PROPOSED WALLTO MATCH EXISTINGWALL HEIGHT
EXISTING WALL RETAINED WITHPIER TO COMPLIMENT EXISTING
N
Park Road
Memorial Park
Car Park
Exis
ting
onst
reet
par
king
Will
iam
Str
eet
Playground
Existing HeronsCentre
A1 RetailResidential Above
Access to Residentialwith Bin & Cycle Storage
eeff oC 1
ApohS
Parking
Service access toexisting properties
A3 Cafes
Existing Green
Existing Morrisons
WAREHOUSE(including LoadingBay & Freezers)
335 sq m
ENTRANCELOBBY EXIT LOBBY
BEACHHOUSE
t eert S hcaeB
King's Road
Hanover Street
FOODSTORE
80 CAR PARK SPACESStoreEntrance
High Street
Hanover Square
PHASE 1
PHASE 2
MISREPRESENTATION ACT 1967Mason Owen and GVA Grimley for themselves and for the vendors of the property whose agents they are give notice that:-
“These particulars do not constitute, nor constitute any part of, an offer or a contract.
The maker of these statements has taken all reasonable steps and exercised all due diligence in the preparation of these statements.
None of the statements contained in these particulars as to this property is to be relied upon as statements or representations of fact.
All measurements are approximate and any intending purchasers must satisfy themselves by inspection, or otherwise, as to the correctness of each of the statements contained in these particulars.
Any service or installations, mechanical, electrical or otherwise described within these particulars have not been tested and purchasers should rely on their own inspection and verification.
The vendors do not make or give and neither Mason Owen, GVA Grimley or any person in their employ has any authority to make or give any representation of warranty whatever in relation to this property.”
FINANCE ACT 1989Unless otherwise stated, all prices and rents are quoted exclusive of VAT.
PROPERTY MISDESCRIPTIONS ACT 1991These details are believed to be correct at the time of completion but may be subject to subsequent amendment
Mason Owen, Gladstone House, 11 Union Court, Liverpool L2 4UQT: 0151 242 3000
GVA Grimley, 10 Stratton Street, Mayfair, London W1J 8JRT: 0207 911 2620
gva.co.uk/00000